Cctv newsThe Shanghai Bills Exchange, led by the head office of the People’s Bank of China, officially opened this morning.
Zhou Xiaochuan, Governor of the People’s Bank of China, said that the formal establishment of the Shanghai Bill Exchange is an important measure to deepen financial reform and development in China. In recent years, the rapid development of China’s bill market has played an important role in broadening the financing channels of enterprises and improving the multi-level financial market system. As a national unified bill trading platform with multi-functions of bill trading, registration and custody, clearing and settlement, and information service, Shanghai Bill Exchange will greatly improve the transparency and trading efficiency of the bill market, stimulate market vitality, and better guard against bill business risks; It is also helpful to improve the central bank’s financial regulation, optimize the transmission mechanism of monetary policy, and enhance the ability of financial services to the real economy.
The so-called negotiable instrument, according to the definition of China’s "Negotiable Instrument Law", refers to the securities with the purpose of paying money. Generally, it refers to bank drafts and commercial drafts, checks and cashier’s checks. Bills can be used for payment, mortgage and loan, and also have many functions such as financing, circulation and settlement. It is a common tool in modern finance.
According to insiders, China’s bill market is basically a spontaneous market at present, and various transaction barriers and information asymmetry have reduced the resource utilization efficiency of the bill market to a certain extent and increased the financing cost of the real economy, especially small and medium-sized enterprises. The establishment of the bill exchange will break the current bill market structure, form an intensive market organization form with legal persons as the main participants, electronic custody of paper bills and centralized and transparent information, help to break through the restrictions of geography and time on transactions, enable market participants to obtain more comprehensive and true market information, establish a nationwide, highly centralized and unified market form, improve the owners’ willingness to trade and speed of circulation, and further strengthen the supporting role of bill acceptance and discount to the real economy.
At the same time, the establishment of the bill exchange is helpful to improve the risk management level of the whole bill market. Bill business involves many risks, such as compliance risk, market risk, operational risk, moral hazard, etc., and there are many characteristics such as large amount of cases and hidden modus operandi. In recent years, a number of bills-related cases broke out in Agricultural Bank of China, China CITIC Bank and bank of tianjin, and some cases involved billions of yuan, which brought great risks to the market. The establishment of the bill exchange will help the central bank to standardize the market behavior, and by issuing and solidifying the bill supervision regulations and risk dynamics, it will help to enhance the understanding and understanding of the bill rules and regulations, risk prevention and control, and compliance operation of market participants, and improve the compliance of market participants’ behavior.
In addition, the settlement of Shanghai Bill Exchange in Shanghai has a far-reaching impact on the construction of Shanghai International Financial Center and Pilot Free Trade Zone. It is conducive to enriching the infrastructure of the financial market and further improving the market system and functions of Shanghai International Financial Center; Further enhance the global influence of Shanghai International Financial Center.
After its opening today, Industrial and Commercial Bank of China successfully completed a 1 million-yuan commercial bill reposting and cash selling business on the Shanghai Bill Exchange, which is also the first bill reposting and cash selling transaction after the opening of the Shanghai Bill Exchange. (CCTV reporter Zhang Daofeng Wang Lei)